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MrWizard
MrWizard Posts: 32 Forumite
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in Savings & investments
Hi,

I have a S&S account at last year's limit. I'm not looking to put any more in right now

I have as many high interest bank accounts as possible. I've run out of direct debits.

I have a lot in p2p, probably don't want to go anymore. As I'm worried I'll go over the £1000 tax free limit. I'm waiting for the Innovative ISA to come out, to put in more.

Ideally I want to go for something tax free. Is an cash ISA really the only the best thing at 1% typically.

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  • eskbanker
    eskbanker Posts: 31,076 Forumite
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    Personally I wouldn't obsess about tax by trying to stay below the savings allowance and looking specifically for tax-free accounts such as ISAs - it'll make more sense to look at overall net return (e.g. a taxable 2% account would be better than a tax-free 1% one).

    It's difficult to give any meaningful recommendation without more information - are you putting enough into pensions for example? Do you own property? What are your objectives, i.e. when would you want access to the money and what for? How much are we talking about for total portfolio size and monthly surplus and/or currently unallocated lump sums?
  • MrWizard
    MrWizard Posts: 32 Forumite
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    Pension is fine. I put 7% in, company puts 15%.

    Would like to buy a property but that would probably take all or a very high percentage away from my investment. Deposit and houses are just too high.

    Ideally I'd like to reach a point where investments are at a level that can increase my monthly salary.

    I can put away about £500 a month.
  • jimjames
    jimjames Posts: 17,625 Forumite
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    If you already have current accounts and P2P why do you need more cash and not more investments?


    I'd be looking to add more to the S&S ISA which will remain tax free
    Remember the saying: if it looks too good to be true it almost certainly is.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    MrWizard wrote: »
    I have as many high interest bank accounts as possible. I've run out of direct debits.

    Shouldn't be a problem if you look elsewhere on this forum for the answer. The problem should just be running out of high interest current accounts to open. ;)
    "In the future, everyone will be rich for 15 minutes"
  • eskbanker
    eskbanker Posts: 31,076 Forumite
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    MrWizard wrote: »
    Would like to buy a property but that would probably take all or a very high percentage away from my investment. Deposit and houses are just too high.
    Does this mean you're effectively committing to a lifetime of renting? How old are you?
    MrWizard wrote: »
    Ideally I'd like to reach a point where investments are at a level that can increase my monthly salary..
    But by how much? You could already supplement salary from investments targeted towards income rather than growth, but it's an unusual approach unless you're particularly wealthy.
    MrWizard wrote: »
    I can put away about £500 a month.
    Have you maxed out all the regular saver accounts at up to 5%?
  • TheShape
    TheShape Posts: 1,779 Forumite
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    MrWizard wrote: »
    Hi,

    I have a S&S account at last year's limit. I'm not looking to put any more in right now

    I have as many high interest bank accounts as possible. I've run out of direct debits.

    I have a lot in p2p, probably don't want to go anymore. As I'm worried I'll go over the £1000 tax free limit. I'm waiting for the Innovative ISA to come out, to put in more.

    Ideally I want to go for something tax free. Is an cash ISA really the only the best thing at 1% typically.

    What is the Innovative Finance ISA that you're waiting for? Some platforms already offer one.
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